Over two-thirds of UAE residents are noted to be financially aware of their spending habits, closely monitor their personal finances, and actively set and pursue long-term financial goals, according to a recent survey. The 2024 Financial Literacy Survey by Visa evaluated the financial understanding and decisions of consumers in the UAE regarding credit management, savings, and spending. This survey collected data from men and women aged 18-55 across Dubai, Abu Dhabi, and Sharjah. The findings reveal that over half of all age groups are confident in their financial status. A similar percentage of participants are financially conscious (68%), keep a close watch on their finances (68%), and set long-term financial goals (67%). Dr. Saeeda Jaffar, Visa’s SVP and Group Country Manager for GCC, highlighted the importance of responsible money usage for a sustainable economy, noting that 64% of UAE respondents feel their financial situation impedes their ability to achieve significant goals. The survey also indicated that 75% are aware of their credit score, but only 33% fully understand interest rates. Fifty percent claim to be knowledgeable about financial matters, and over half are confident about their future financial situation. Thirty-three percent do not plan to take a loan soon, asserting control over their financial expenditures and savings. Sixty-five percent aim to enhance their knowledge of savings and investments, followed by 44% interested in Budgeting and Financial planning, and 38% in Credit and Debt Management. The survey further explored the spending, savings, and investment practices of UAE consumers, finding that 48% increased their bank account balance over the past year, and 20% invested in financial products other than pension funds. Forty percent spent less than their income, while 37% spent as much as their incomes. Visa’s survey also examined attitudes towards responsible installment usage in payments, revealing that 67% carefully consider affordability before making a purchase. About 16% of respondents currently have a BNPL plan or have converted a credit card purchase into an installment (6%). Sixty-four percent feel their financial situation restricts their ability to do important things and are interested in flexible credit solutions for responsible installment usage. Interestingly, 52% believe that installments would help better manage finances. Respondents primarily prefer to pay for future electronic gadgets with a credit card (31%), with 9% looking for BNPL plans and 4% preferring credit card installment plans. Forty-three percent of consumers prefer to choose installment payments from merchants for high-value purchases like electronics or mobile phones, while many believe installment plans would be beneficial for emergency expenses (28%), life events such as weddings or home purchases (29%), education (32%), or holiday planning (24%).